New Enlightenment

In this conversation, Adam Dixon and Amir Lebdioui delve into the intricacies of green industrial policy, emphasising its necessity in a climate-conscious world. They explore the economic advantages for developing countries to adopt green strategies, the challenges of fossil fuel development, and the importance of equity in energy transitions. The discussion also highlights the role of oil companies in the energy transition and the need for effective monitoring and evaluation of industrial policies. Ultimately, they stress the importance of adaptability and the involvement of civil society in shaping successful green policies. The discussion also highlights global examples of successful green policies, particularly focusing on China's competitive landscape in green technology and the geopolitical implications of these developments. Takeaways Developing countries can benefit economically from green policies. The narrative around green development needs reframing for developing nations. Fossil fuel production will continue but in reduced quantities. Equity in fossil fuel extraction is crucial for fair transitions. Oil companies have expertise that can aid in the energy transition. Green industrial policy requires adaptation to local contexts. Monitoring and evaluation are essential for effective policy implementation. Learning from failures is key to successful industrial policy. Civil society should play a role in monitoring industrial policies. Green industrial policy should be flexible and responsive to change. Successful examples of green policies can be found globally, including in Costa Rica and Malaysia. China's approach to green technology involves significant market competition. Long-term planning and gradual implementation can lead to successful transitions to green technologies. The relationship between government and private sector should be collaborative, not parasitic. Adaptation to changing conditions is essential for maintaining competitive advantages. A cooperative approach with China could benefit global sustainability efforts. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Amir Lebdioui: On LinkedIn On X https://www.qeh.ox.ac.uk/person/amir-lebdioui Survival of the Greenest: Economic Transformation in a Climate-conscious World

In this conversation, our guest Stacy Swann discusses the evolution of climate finance, particularly in the context of COP meetings and the role of blended finance. She explains how the definition of climate finance has changed over the years, moving from a narrow focus on development aid to a broader understanding that includes private investment. The discussion also highlights the importance of blended finance in catalysing private capital for climate-related projects and the challenges of ensuring that funds are used effectively to address climate change. The dialogue emphasises the need for a balanced approach between mitigation and adaptation strategies, the importance of optimising blended finance, and the cautious optimism surrounding the financial sector's ability to contribute to climate solutions. Takeaways Climate finance has evolved significantly over the years. Public balance sheets alone cannot address the climate crisis. The definition of climate finance has become more complex. Transparency is essential in blended finance structures. Initial blended finance efforts were focused on climate-oriented projects. The time horizon for addressing climate change has significantly shortened. Investment in clean energy must accelerate to meet urgent needs. Public dollars should catalyse private investment efficiently. Investors are recognising climate risk as a critical factor. Mitigation and adaptation strategies must be balanced in funding. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Stacy Swann: On LinkedIn Resilient Earth

In this conversation, Adam Dixon and Professor Darius Wojcik explore the field of financial geography, its distinctions from economic geography, and the importance of mixed methods in understanding financial systems. They discuss the Atlas of Finance, a comprehensive project that visualises financial data and relationships, emphasising the role of qualitative research in uncovering insights that quantitative data alone may miss. The conversation also delves into the definition of finance, its historical context, and the significance of visualisation in presenting financial information. In this conversation, Dariusz Wójcik and Adam Dixon explore the intricate relationships between finance, economics, and the environment, emphasising the historical context of these concepts. They discuss the distinction between economic and financial systems, the implications of socialist economies, and the role of Adam Smith as a financial geographer. The conversation also delves into the surprises encountered in the creation of the Atlas of Finance and the geopolitical tensions shaping the future of finance. Takeaways Financial geography examines the relationship between finance and space. Visualisation helps tell stories about financial data. Africa is currently the epicentre of financial crises. Finance is defined as relationships mediated by money. Understanding finance requires a broader definition than just money. The Atlas aims to educate and inform about financial systems. Everything financial is economic, but not vice versa. Financial sanctions have become the sanctions of choice in modern geopolitics. The US dollar remains a dominant force in global finance. The Atlas of Finance provides a historical perspective on finance's evolution. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Dariusz Wójcik: On X On LinkedIn

In this conversation, Jean-Baptiste Wautier, veteran private equity leader, joins host Adam Dixon to discuss the complexities of capitalism, discussing its benefits, challenges, and the pressing need for reinvention. They explore the issues of inequality, environmental concerns, and the cyclical nature of economic booms and busts. Wautier emphasises the importance of shifting the focus from short-term profit to long-term purpose, advocating for a capitalism that prioritises societal solutions and minimises negative externalities. The discussion highlights the potential for a more sustainable and equitable economic model that addresses the root causes of current challenges. The dialogue emphasises the need for a shift in mindset where profit is seen as a by-product of solving societal problems rather than the primary goal. Takeaways Capitalism has created wealth but also significant inequalities. Reinventing capitalism is essential rather than discarding it. Concentration of wealth leads to inefficiency and political discontent. The boom-and-bust cycle of capitalism affects generations unfairly. Short-term profit obsession hinders long-term solutions. A focus on purpose can lead to better outcomes in capitalism. Stakeholder consideration is crucial for sustainable business practices. A reimagined capitalism can address societal challenges effectively. Corporate boardrooms prioritise profit over purpose. Venture philanthropy can align financial returns with social impact. Long-term thinking is essential for sustainable investments. Investors need to be incentivised to consider externalities. Purpose-driven companies can still be profitable. Scaling purpose-driven ventures requires a focus on impact. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Jean-Baptiste Wautier: On LinkedIn On X https://wautier.co.uk/

In this episode, Adam Dixon and Aniket Shah discuss the implications of Donald Trump's presidency on climate change and energy policy, China's lead in the green technology sector, and the current thinking on ESG investing. They explore the complexities of global emissions, the potential for breakthroughs in energy technology, and the need for adaptation strategies in a warming world. They also explore the financial implications of climate change solutions, emphasizing that the costs associated with addressing climate change are manageable when viewed in the context of global GDP and energy spending. The conversation also critiques the ESG (Environmental, Social, and Governance) framework, addressing the confusion within the ESG community regarding its purpose and effectiveness. Ultimately, they advocate for a clear understanding of the system and the roles different stakeholders play in driving sustainable finance and climate action. Takeaways America is a fossil fuel superpower, impacting its energy transition. Trump's presidency may not drastically hinder decarbonisation efforts. State-level initiatives in renewable energy are gaining momentum. China is leading the global race in green technology. The US's role in global emissions is only 10-12%. Investment in low carbon technologies is increasing globally. The missing middle in climate tech funding is a significant challenge. Adaptation and carbon removal must be prioritised in climate strategies. A mixed economy approach may emerge under Trump's leadership. Solving climate change can be financially feasible. Investment in low carbon energy is already happening. Adaptation should be viewed as infrastructure investment. Demand-side solutions are crucial for climate action. ESG is confused about its purpose and effectiveness. Clear analysis leads to better investment decisions. Historical emissions create ethical obligations for high emitters. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Aniket Shah: On LinkedIn Jefferies

In this conversation, Adam Dixon and Samuel Gregg delve into the life and influence of Friedrich Hayek, a pivotal figure in classical liberal thought. They explore Hayek's multifaceted approach to economics and politics, his critiques of collectivism, and the contemporary misinterpretations of his ideas as far-right. The discussion also touches on Hayek's vision for a balanced state that plays a crucial role in society while allowing markets to function effectively. They delve into the resurgence of neo-mercantilism, and the implications of industrial policy in the context of national security. The discussion highlights the complexities of modern economic arrangements and the challenges posed by state capitalism and corporatism. Takeaways Hayek is considered the most influential classical liberal of the 20th century. His work is often mischaracterised as anti-democratic or far-right. Economic globalisation has led to both wealth and disruption. Hayek was critical of economic nationalism and populism. He emphasised the importance of civil society alongside market and state functions. Hayek's critiques of collectivism stem from historical perspectives on enlightenment thought. His ideas remain relevant in discussions about modern economic policy. The labelling of thinkers like Hayek as far-right is often a misunderstanding of their broader views. Hayek's views are often misrepresented as solely market driven. Today's global economy reflects a resurgence of mercantilism. China exemplifies a neo-mercantilist approach to capitalism. National security concerns can blur the lines of acceptable industrial policy. Hayek emphasised the importance of long-term economic thinking. Adam Smith's Panmure House: ⁠⁠Website⁠⁠ Adam Dixon: ⁠⁠On X⁠⁠ ⁠⁠On LinkedIn⁠ Samuel Gregg: ⁠On X ⁠ ⁠On LinkedIn ⁠⁠https://aier.org/author/samuel-gregg/

In this insightful discussion, Kerry Brown, a Professor of Chinese Studies and Director at the Lao China Institute, delves into the 400-year relationship between China and Britain. He highlights how the Enlightenment thinkers had a mixed view of China and how British colonial actions shaped its trajectory. Brown also discusses the rise of Chinese nationalism and the impact of Xi Jinping's leadership on modern geopolitics. He emphasizes the importance of dialogue to foster understanding amidst growing tensions between the West and China, pointing to a future reliant on continued engagement.

In this episode we are joined by Ryan Streeter, the Executive Director of the Civitas Institute at the University of Texas at Austin. The conversation explores the emergence of new schools of civic leadership in response to perceived ideological monocultures on university campuses, the importance of open inquiry and critical thinking in education, and the challenges of fostering economic dynamism in both the U.S. and the UK. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Ryan Streeter: Civitas Institute LinkedIn University of Texas School of Civic Leadership

This conversation with Niall Ferguson unpacks the state of Western universities today. Our conversation begins with a discussion on the importance of the Scottish Enlightenment in shaping the modern world. We then discuss the growing illiberalism at Western university, considering the reasons behind the upstart University of Austin. Adam Smith's Panmure House: ⁠⁠Website⁠⁠ Adam Dixon: ⁠⁠On X⁠⁠ ⁠⁠On LinkedIn⁠ Niall Ferguson: ⁠On X

In this episode, we are joined by Matthias Thiemann to discuss the need for a real debate on the role of central banks in keeping capitalism and financial markets afloat. The episode focuses on central bank actions in the wake of the 2008 financial crisis and recently during the COVID pandemic. We explore the debates around allowing central banks to regulate and monitor financial market actors, noting specifically the actions of the Trump Administration to prevent this. Takeaways The independence of central banks is seen as a way to prevent political interference, but it also raises concerns about accountability and the potential for inequality. Quantitative easing programmes implemented by central banks have contributed to wealth inequality. There is a need for a real debate on the role of central banks in maintaining financial stability and the potential consequences of their actions. Market liberals often advocate for minimal regulation but some are quick to seek bailouts when the system collapses. The influence of hedge fund managers and their opposition to regulation is a significant factor in the politics of financial regulation. The high leverage of hedge funds and their fragility pose a systemic risk to the financial system. Adam Smith's Panmure House: ⁠Website⁠ Adam Dixon: ⁠On X⁠ ⁠On LinkedIn Matthias Thiemann: Sciences Po On X On LinkedIn Taming the Cycles of Finance